There’s a Fairer Share Payment coming to eligible customers in June.
The building society has had a bumper year, so will be rewarding some account holders with free cash this summer. Here’s what you need to know.
Nationwide has just announced £2.2bn profits. As a building society, it is member-led rather than reporting to shareholders. So much of this cash is going back to customers. They’ve said £1bn will go to improving interest rates and incentives, but another £340m will be shared out with eligible customers in the form of a Nationwide Fairer Share payment.
It’s set at £100 per customer, regardless of how many accounts you have – though they have to be eligible accounts (detailed below).
The building society hopes that this type of payment will continue each year, so even if you miss out this time it could be worth using your current account and opening a savings account this year.
To get the money you’ll need to have had the following on or before 31 March 2023:
Any Nationwide current account
Though it doesn’t matter which Nationwide account you have, you do need to have been actively using it in the following ways:
|Type of current account||Additional requirements|
|FlexPlus||Pay the monthly fee for maintaining the account.|
|FlexOne, FlexStudent or FlexGraduate||You must have received at least one payment in or made one payment out of your account during March 2023. |
Any charges or interest, or adjustments made to your account balance do not count.
|FlexAccount, FlexDirect or FlexBasic||In two of the three months of January 2023, February 2023 and March 2023, you must have received at least £500 into your current account. Transfers in from other Nationwide accounts do not count.|
Plus, you must have made at least two payments out of your account each month, in two of those three months.
Any charges or interest, or adjustments made to your account balance do not count as payments into your current account or payments out of your current account.
You do not need to have met the above requirements if you completed a switch to your FlexAccount, FlexDirect or FlexBasic using the Current Account Switch Service between 1 January 2023 and 31 March 2023.
Either savings or a mortgage with Nationwide
You also have to have one of these in addition to the current account
- A personal Nationwide cash savings account with a total of £100 or more in one or more accounts on any day in March 2023. Money held in a current account, even if it pays interest, does not count.
- A Nationwide mortgage with at least £100 owing on 31 March 2023
How to check if you’re eligible
If you have online banking you’ll get a notification to say you’ll get the money when you next log in from 26 May. If you don’t get this you can try the online chat.
Or you can check if you’re eligible on the Nationwide website, though this just takes you through the criteria rather than check your account, so if you answer incorrectly you might get the wrong answer.
What about joint accounts?
The good news is that those with a joint account will count as individual members, so you’ll both get the £100 – as long as you meet the criteria.
But this does mean you’d need both the current account and the savings/mortgage to be joint. If say the current account is joint but the savings are solo, only the person with the savings account would get the payment.
How and when will you get the money?
As long as you meet the criteria you don’t need to do anything – the money will automatically be paid into your current account.
There’s no set date, just that the money will be paid between 13 and 30 June 2023.
You’ll need to keep your account open to get the money, so don’t switch it away before the end of June.
Is the payment taxed?
In the terms and conditions Nationwide state that the money is an interest payment. This means it’ll count towards your personal savings allowance, and you might need to pay tax on it if you go over the tax-free thresholds.
Are there other perks?
As part of this Fairer Share initiative, Nationwide is launching a 2-year fixes savings account paying 4.75% that is only open to Nationwide members. That’s not bad, but it can be beaten at the time of writing, with the best buy currently 4.96%. See all the top savings accounts here.